Mortgage interest rate cuts could soon make a $700,000 mortgage loan more affordable. Here's what to know.
If the state of inflation dictates where interest rates lie, borrowers got some welcome news on Thursday when the Bureau of Labor Statistics announced yet another drop in the inflation rate for August. Now at 2.5%, the rate is just half a percentage point above where the Federal Reserve wants it to be, meaning that a cut to the federal funds rate will almost assuredly be issued when the Fed meets again later this month.
50 per monthMortgage interest rates are unlikely to drop by the same amount that the federal funds rate does. That said, here's what monthly payments on a $700,000 mortgage loan would be if rates drop by 25 basis points:15-year mortgage at 5.53%: $4,584.59 per month 30-year mortgage at 6.16%: $3,415.
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